Credit Rating: How it works and How to improve it discussion area

franandez

franandez wrote: »

I want to improve my credit rating by getting on the electoral register.

Will my credit rating still improve even if I opt out of the edited electoral roll?

(I.e. does it matter if I'm on the edited electoral roll or not, so long as I am registered as voter? Or will credit rating companies only be able to check me if I'm on the edited roll?)

Thanks in advance!

Sorry for re-asking the above but would really, really appreciate some indication of what to do!

Thanks again!

milo28

How can I see my credit score without paying £14.95/£9.95 per month. I tried the free 30 day trial and have been told that i am a returning customer and to log on and pay the month amount. How do i get this without paying monthly amount.

Thask

T

Tixy

franandez wrote: »

Sorry for re-asking the above but would really, really appreciate some indication of what to do!

Thanks again!

Whether you are in or out of the edited register makes no difference at all to your credit file (and therefore to your ability to get credit).

Tixy

milo28 wrote: »

How can I see my credit score without paying £14.95/£9.95 per month. I tried the free 30 day trial and have been told that i am a returning customer and to log on and pay the month amount. How do i get this without paying monthly amount.

Thask

T

You can see your credit report by paying for a £2 statutory report, that data is what a potential lender would see and assess. For callcredit you can get your report for free from noddle.

If you want to see the credit score that the credit reference agency would sell to you then you need to pay them for that. But most people would say it would be a waste of your money, no potential lender will ever see that score.

milo28

thanx for getting back to me - how do i go about getting the £2 report?

thanx

Tixy

milo28 wrote: »

thanx for getting back to me - how do i go about getting the £2 report?

thanx

Which agency report do you want?

experian here- http://www.experian.co.uk/consumer/statutory-report.html

equifax here - http://www.equifax.co.uk/Products/credit/statutory-report.html

at90

Hi All,

I have a credit score of 397. Credit breakdown as follows:

Next Directory - Credit Limit £3600 - Current Balance - £0

Shop Finance Directory - Credit Limit £1600 - Current Balance - £342

Mail Order Avon Cosmetics - Credit Limit £0 - Current Balance £0 - SETTLED

Santander Cards - Credit Limit £350 - Current Balance £0

Shop Direct Finance - Credit Limit £500 - Current Balance £0 - SETTLED

Orange Phone Contract - Current Balance £0

Creditcard from Barclays - Credit Limit £400 - Current Balance £320

Bank Loan - Current Balance £4800 (to be paid off in around 8 months/0

I have a few questions regarding my credit file and how I can improve it...


- Are the settled accounts classed as closed?
- I am aware I have a lot of unused credit but I have read different views on whether I should cancel my store cards or not. Should I cancel some of them or just lower the credit limit?
- Is it better to pay cards off in full each month or pay minimum re-payments? Which one builds credit score better?

Does anyone have any general advice or actions I should take to imrove my credit file as I am hoping to apply for a mortgage at the end of next year and am fully aware I have no chance with the state my file is in at the moment.

Any help much appreciated!

Jewels14

I applied for my first ever loan today and was surprised to be declined. I have had a credit card for over a year and use it fairly regularly, but never miss a payment and pay it in full as much as possible. I checked my credit score today online and it came up as 999 - stating that I should nearly always be seen as a low risk to lenders and shouldn't ever really have problems with being accepting for credit.

Can anyone tell me why I could have been rejected for the loan today? And even though supposedly my score is 999, is there anything I can do to ensure that I am eligible for credit in the future?

Tixy

Jewels14 wrote: »

I applied for my first ever loan today and was surprised to be declined. I have had a credit card for over a year and use it fairly regularly, but never miss a payment and pay it in full as much as possible. I checked my credit score today online and it came up as 999 - stating that I should nearly always be seen as a low risk to lenders and shouldn't ever really have problems with being accepting for credit.

Can anyone tell me why I could have been rejected for the loan today? And even though supposedly my score is 999, is there anything I can do to ensure that I am eligible for credit in the future?

A potential lender doesn't just look at the data from your credit file, but the also consider the information on your credit file, your income compared to existing debts etc to consider affordability.

The supposed score is just that, nobody ever sees that score and its only a guide to how the credit reference agency thinks a potential lender may assess the information on your credit file. It can ever take in to account any data that the credit reference agency doesn't know, such as income, employment status, length of time in current job etc.

Jewels14

Tixy wrote: »

A potential lender doesn't just look at the data from your credit file, but the also consider the information on your credit file, your income compared to existing debts etc to consider affordability.

The supposed score is just that, nobody ever sees that score and its only a guide to how the credit reference agency thinks a potential lender may assess the information on your credit file. It can ever take in to account any data that the credit reference agency doesn't know, such as income, employment status, length of time in current job etc.

Okay thank you - so how do you think I could me more appealing in future? I'm planning on applying for a mortgage in six months time and I'm worried I'll be rejected. I've only been in full time employment for three months, could this have been an issue today?